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Russia Intends 500,000 bpd Crude Export Cut in August: Novak

OIL

Russia intends to cut crude exports by 500,000 bpd in August in an effort to keep global oil markets balanced according to Deputy PM Alexander Novak.

  • “Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets,” he said.
  • It varies from prior Russian commitments which were production related rather than export related.
  • It comes shortly after Saudi’s intent to voluntarily reduce its production buy 1mn bpd for another month in August – extending from a prior commitment of just July. Saudi has also left the door open for that to be extended.
  • The initial crude price spike came on the Saudi headlines – the Russian headlines have not added more upside yet.
  • Brent SEP 23 up 1.1% at 76.21$/bbl
  • WTI AUG 23 up 1% at 71.38$/bbl
Energy BulletsCommodities
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